Kenyan Shilling At 19-month High Against The Dollar

The Kenyan shilling edged up against the dollar on Monday, remaining close to its highest level in more than 19 months, mainly due to portfolio flows and reduced political risk.

At 0606 GMT, commercial banks quoted the shilling at 100.70/90 per dollar, compared with 100.85/101.05 at Friday’s close.

Investors abroad have been putting in their dollars into Kenya’s debt market this year. Traders said the currency was also benefiting from lower political risk after election last year. On Friday, Fitch revised Kenya’s outlook to stable.